Veteran investor Mark Mobius said investors should have 10% of a portfolio in gold as currencies will be devalued following the unprecedented stimulus rolled out to fight the coronavirus pandemic.

At this stage, “10% should be put into physical gold,” said Mobius, who set up Mobius Capital Partners after more than three decades at Franklin Templeton Investments. “Currency devaluation globally is going to be quite significant next year given the incredible amount of money supply that has been printed.”

To fight the crisis, central banks and governments worldwide have unleashed an unprecedented wave of monetary and fiscal stimulus, boosting balance sheets at the Federal Reserve and elsewhere and straining state finances.

“It is going to be very, very good to have physical gold that you can access immediately without the danger of the government confiscating all the gold,” Mobius, a long-time fan of the metal, said in an interview.